Quantity Surveying Practice 3

Module summary

Module code: BUIL1256
Level: 6
Credits: 15
School: Liberal Arts and Sciences
Department: Design
Module Coordinator(s): Patrick O'Leary / Roy Hills

Specification

Pre and co requisites

Successful completion of previous level 5 of the programme or equivalent.

Aims

The module aims to develop financial appraisal and analytical skills for quantity surveying students in the context of a significant construction project. The module seeks to build upon skills acquired in level 5 of the course and to integrate and utilize knowledge developed in the other level 6 modules.

Learning outcomes

On successful completion of this module a student will be able to:
1 Undertake a financial feasibility assessment of a project.
2 Structure a cash flow to suit a specific project.
3 Recognise the challenges which arise in forecasting exercises and how sensitivity testing can be employed in these situations to assess risk.
4 Identify and adapt elemental construction cost information to suit a specific project under analysis.
5 Structure a logical programme appropriate to the building elements in a specific project.

Indicative content

The module begins with an overview financial appraisal of a specific project (either housing or commercial) to ascertain if the estimated construction costs can be justified against market value for the completed asset. A project level cash flow to assess viability is one of the deliverables in the first of two coursework submissions, in which risk and scenario testing also feature. In the second part of the module, the estimates of construction costs undertaken in the first stage are refined and programmed to reflect the characteristics of the project under evaluation. In this exercise use is made of elemental costs analysis (and project comparison) from BCIS.

Teaching and learning activity

To suit the practice ethos of the module, the classes take place in the computer lab where staff lead with examples which demonstrate principles and assist students on formative work at PCs. Classes are expected to be very interactive.

Assessment

Coursework: 50% weighting, 40% pass mark.
Learning Outcomes: 1, 2 & 3.
Outline Details: 1,500 word report on specific project with financial modelling to assess financial feasibility.

Coursework: 50% weighting, 40% pass mark.
Learning Outcomes: 4 & 5.
Outline Details: 1,500 word report with supporting figures on detailed costs and programme.

Formative Assessment: In class steering on coursework assignments, interaction at PCs in the computer lab enabling questions and answers around work in progress. Model answers on exercises undertaken in class subsequently posted on Moodle.